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JPMorgan Becomes First Bank To Open In Metaverse (fortune.com) 54

Posted by BeauHD from the just-the-beginning dept.
An anonymous reader quotes a report from Fortune: Investment banking giant JPMorgan Chase has set up shop in the Metajuku mall. The bank's lounge features a spiral staircase, a live tiger, and an illuminated portrait of CEO Jamie Dimon. The catch? JPMorgan's newest digs aren't located in the real world, but in Decentraland -- one of the world's most popular metaverse platforms. The bank's metaverse launch coincided with the release of a paper by Onyx, JPMorgan's blockchain arm launched in 2020, which explores the opportunities offered by the metaverse. And JPMorgan is bullish: The bank predicts that the metaverse will become a $1 trillion market opportunity in yearly revenues, given that its virtual worlds will "infiltrate every sector in some way in the coming years," says the report.

JPMorgan is the first bank to set up a metaverse office. But it follows on the now well-trodden path of big brands, businesses, and influencers entering the metaverse. [...] The development of the metaverse economy has created jobs both online and offline. Companies, from apparel to tech firms, are on a metaverse hiring spree. JPMorgan predicts that some individuals will become the "gig workers" of the metaverse -- earning income by providing services in the virtual world. JPMorgan has been undertaking efforts to build out its blockchain and crypto expertise and infrastructure. In a Bloomberg interview, Onyx's global head, Christine Moy, said that its unit is now focused on "providing infrastructure" like blockchain and payments tech to clients, which include game publishers.
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JPMorgan Becomes First Bank To Open In Metaverse More

JPMorgan Becomes First Bank To Open In Metaverse

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  • And they want their Linden dollars back. It wasn't a great idea back then. Its the same bad idea now, just with a better draw horizon.
    • It actually brings back memories of Microsoft Bob. That thought should be enough cure anyone of the idea.

  • I am quite beside myself with thoughts of how useful this will be compared to a Zoom or Teams meeting. Or even a phone call.

    • Re: (Score:3)

      by splutty ( 43475 )

      You can finally see your manager in his/her dominatrix outfit because they forgot to change their avatar!

      • According to professor of semiotics Mark Twain, finance is the most fundamental apprentice of humanity. Though radiation with appeasement implodes, the brain processes the neutrino for the congregation. The same neuron may counteract two different orbitals to emit a gamma ray. Gravity at those in question is not the only thing simulation by speculations spins; it also catalyzes plasmas of obloquy on deregulation. The sooner allocutions amplify excess but pledge amplifications or proceed but decry the atelie

      • You can finally see your manager in his/her dominatrix outfit because they forgot to change their avatar!

        Ugh...hell no one now uses their cameras, why would they want to do this...?!?!?

        At least for work situations that is...

      • Re: (Score:2)

        by jeremyp ( 130771 )

        That happened to me in real life last time I went to see my bank manager. She's quite forgetful.

    • Back in the day, we did some experiments in Second Life to see the effectiveness of meetings with avatars in a virtual environment versus phone / video calls. It's not exactly a scientific study, but the results were interesting. For creative meetings and brainstorm sessions, the outcomes were remarkably positive, but even in regular team meetings, people felt more engaged and there was an easier, more natural "flow" to the meeting. Not all of that could be attributed to the novel experience for the part

      • - Usability issues: older participants had issues with the controls; WASD+mouse is not natural to non-gamers.

        Ok...I'm feeling old here.

        What does the acronym "WASD" stand for?

        • - Usability issues: older participants had issues with the controls; WASD+mouse is not natural to non-gamers.

          Ok...I'm feeling old here.

          What does the acronym "WASD" stand for?

          The keys on the keyboard, which some games use a left handed substitute for the arrow keys (W is up, you can figure the rest).

  • Old 2007 story: failed bank in Second Life (Score:5, Informative)

    by Framboise ( 521772 ) on Thursday February 17, 2022 @08:17AM (#62276125)

    https://www.wired.com/2007/08/... [wired.com]

    • Oh, but this is different. It has a shiny new name "Metaverse". Second life is an impostor, the Metaverse is where it is at - all hail Zuckerberg our emperor in his shiny new clothes.

      Those who ignore the past are doomed to repeat past mistakes.

    • Much older than 2007 (Score:3, Interesting)

      by Ed Avis ( 5917 )

      Yes, we had this hype with Second Life about fifteen years ago. But the story is much older than that. Businesses were going to exist in "virtual reality" according to early-nineties predictions. Early websites sometimes tried to recreate a "virtual shopping mall" or "virtual village", until people realized that there was no reason to make your customers move awkwardly around a three-dimensional world to do online shopping.

      Software user interfaces tried to mimic a real desktop. That's okay if it's just

  • Complete with (Score:3)

    by DarkOx ( 621550 ) on Thursday February 17, 2022 @08:23AM (#62276135) Journal

    Complete with Tiger roaming the virtual building, in a world called 'Datacenter Land' of all the stupid things.

    I understand that this is a land rush and its a legitimate use of time for a handful of employees to 'play' with technology that has companies as big as Meta behind it. It *could* become the next big thing and having the institutional knowledge of how to build out in those spaces makes sense to invest in as a 'hedge'

    But FFS posting your renderings of what look like low-budget video game release from 2004, with insane gimmicks more befitting road-side attractions in Florida than a Bank don't really inspire much confidence in the rest of us.

  • JPMorgan (Score:4, Interesting)

    by ZiggyZiggyZig ( 5490070 ) on Thursday February 17, 2022 @08:23AM (#62276137)

    Isn't that one of the "too big to fail" banks that was bailed out during the 2008 subprime crisis (source) [federalreserve.gov]?

    I'm glad to see they are using their honestly-earned money in a sensible way.

    • Isn't that one of the "too big to fail" banks that was bailed out during the 2008 subprime crisis (source) [federalreserve.gov]?

      I'm glad to see they are using their honestly-earned money in a sensible way.

      This kind of makes sense to me, go to where the customer is. Seems like something with less ethical questions than NFTs (https://www.chase.com/personal/investments/learning-and-insights/article/what-are-nfts) and crypto (https://www.jpmorgan.com/solutions/cib/news/digital-coin-payments)... sigh.

    • Re: (Score:2)

      by BigZee ( 769371 )
      No. Many were but not this one.

  • Artful building decorations went out of style when they became mass-produced and no longer signaled wealth. They turned from status symbol to tacky. A big building in the real world is expensive. In the "metaverse", it's just another trivial thing. So why does the "lounge" feature a "spiral stair case" and a "live tiger"? That's tacky as hell. But that's just a side note. The entire concept of the metaverse will (again) fall victim to the inevitable trivialization of the 3D space through virtualization. As

    • Isn't it rather sad that they went out of style? Even if we think that modern buildings with lots of ornaments look tacky, we still enjoy looking at the old ones. And continue to build boring cubes without a single flourish to relieve the monotony.

      As for buildings in the Metaverse: I think that they are here to stay, especially in a world with virtual people (avatars). Even if they are only used as metaphors for real-life constructs. Just like our virtual desktops still have "files" and "folders" ins

      • Do real banks have live tigers roaming the building? Things that would be bold or stupidly expensive and therefore rare and eye-catching in reality aren't in "virtual reality": they're arbitrary. Stucco can be eye pleasing as long as it's not everywhere, and it wasn't everywhere because it took professionals time to create it. Even the most intricate foam ornaments are cheap, because they're mass produced. If they were in style, they would be everywhere, like horizontal rule and under construction GIFs on a

  • They are desperate to bring ownership and artificial scarcity to the virtual world (metaverse if you must). If the plebs realise that they can have a more fulfilling life playing video games all day, rather than slaving away in their proto-workhouses in a quest to obtain ever larger amounts of mortgage debt servitude, they will have a silent revolution on their hands.

    You can have all the money in the world, but if the little old lady with the house that you want doesn't want any more money then your money c

  • If I want to talk investments I talk investments. If I want to look at a tiger I look at a tiger. I see no advantage in mixing the two

  • Bullshit bingo (Score:3)

    by sir_smashalot_3rd ( 8248420 ) on Thursday February 17, 2022 @10:01AM (#62276349)
    Metaverse, blockchain and crypto in one story ? ding ding ding ding ding bulls shit bingo !
    I have no interest or intention to get my ass into the metaverse to begin with and now it starts to sound like all people are going to see is a bunch of corporate add nonsense which makes it even more unattractive. I hope al the corporations, crypto peeps and influencers go and stay in the metaverse so they can stay out of my face.

  • Second Life for millennials.

    Are they giving out free Tamagotchis?

  • While not currently clear, opportunities for grift, laundering, and operating under zero regulations will almost certainly appear. That's practically their business model - makes sense they'd be on board.

  • The first bank of second life would have a better chance.

  • The bank's lounge features a spiral staircase, a live tiger

    That seems somewhat unlikely, given that we're talking about something virtual.

  • I read this article before clicking the link. I'm not even considering the lame concept itself.
    Those graphics. It looked way better in my mind. How can anyone at Chase think that that is
    an acceptable representation of their business? It looks about as good as a demo
    on a Silicon Graphics Indigo from 1992.

    Almost every beginner Second Life build looks better than this.
    Someone should be embarrassed, several should be fired.

  • I can't, for the life of me, see why anyone would want to do transactions with a real bank in World of Warcraft. It's not necessary and not convenient, and you know there will exploits and griefers.

    There isn't even a slight use-case here. It sounds real whizzy but, just WHY? Why would you even conceive of doing this?

  • First, all the tech dweebs play with their new toy.

    Next, try to get it to work with "major" events. *face palm*

    Then, the time for the other organized criminals to move in.

    Make it "legitimate"....then we can move on to the "porn" phase. :)

  • Sex? (Score:2)

    by k2r ( 255754 )

    If it does not cater to people looking for sex / porn, it will fail.

    Meta is a US company.

  • I don't have any confidence in Chase in the real world, let alone a phony virtual one.

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